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While no one has ever said buying a home is a simple process, wouldn’t it be nice to reach out and press the “easy” button when it comes time to qualify for your mortgage. If you’re an active member of the military - or a veteran - qualifying for a VA home loan might be the next best thing.
Can first time home buyers find mortgages without down payments? The answer is YES! There are loans available for first time home buyer loans with zero down. You may be able to get a mortgage for the price you are paying now in rent. The two types of loans that fit this description are USDA rural development loans and VA loans.
If you've already heard of the zero-down mortgage loan option USDA Rural Development, then you probably know the house must be in a specific area. As we've said here at AmeriFirst before, rural doesn't have to mean farm.
Can the USDA save the American housing market? Besides stamping the beef in America, the USDA has another project that affects many people (even vegetarians). There's an agency within the USDA called "The Office of Rural Development." Part of its mission is to improve the economy and quality of life in rural America.
Life has its challenges. And if you're a young adult just getting started out on your own, you already know that making smart financial decisions about your future can be one of the biggest challenges of all.
USDA Rural Development (RD loans) is one of the last no-down-payment mortgage loan options in the current housing market. It's one of two 100% mortgages, and the only one that doesn't require the borrower to be a military member or veteran (VA loans). RD loans let you buy a house without a cash down payment - although you will likely need cash at closing for other things like homeowners insurance and inspection fees. So why would someone buy a house with a different option? Let's look at the top 10 excuses for buying a house without using USDA Rural Development.
Equal Housing Lender
A division of Union Home Mortgage Corporation
950 Trade Centre Way, Suite 400
Kalamazoo, MI 49002
NMLS ID #2229
This is not a commitment to lend. Not all borrowers will qualify; contact us for more information on fees and terms.
